Banking and financing solutions have proven their existence since 2nd wave of the industrial revolution. But, now the era of the traditional banking system is changing due to technical advancement. So, to take their business online, industrialists have invested money to develop an app like Boubyan with ultimate financing services.

This industry has opened wide doors for business investors to attain a recognizable presence in the market. But, it is mandatory to know different factors related to the development process. Before investing in Boubyan Bank app development, you must study them to avoid losses.

So, in this blog, we will discuss all the components like working, features, development stages, and cost in detail. Let us begin our journey!

 

What is a Boubyan Bank Application?

Creating a Boubyan bank app for banking and finance is quite worthwhile for businesses. Because it provides fast and easy transaction services at minimum platform charges. This application is currently operational in Kuwait and its neighboring countries.

Additionally, it delivers sophisticated online services like ATM PIN and Credit Card management. So, investment of money in business app development to build an app like Boubyan Bank can be beneficial. This can help them to enter the online market.

 

How Does a Banking App Like Boubyan Work?

Business investors must know the right working mechanism to easily start the development process. Let us discuss the working steps of different banking app alternatives:

 

How Does a Banking App Like Boubyan Work

 

1. Account Registration

Users can start accessing banking apps by registering their information. Additionally, they need to verify their identity to ensure platform transparency. Businesses must invest in hybrid mobile app development to make similar apps like Boubyan for a large number of people.

 

2. Bank Linking

Creating a Boubyan Bank app for UAE people is highly beneficial for the banking system. It can be seen in the next step where users can link their bank with the mobile application. So, it may require their account number, bank code, and contact information.

 

3. User Authentication

It is highly profitable to invest in iOS app development for building clones of the Boubyan bank app for Saudi Arabia. As it allows users to set security PINs and passwords. So, this can be a great initiative for the security and privacy of banking assets.

 

4. Find Contacts

Now, customers have the facility to add different contacts and bank accounts. Additionally, they can remove and modify the contact list based on their preferences. So, businesses must invest in banking software development to launch Boubyan app alternatives with large databases.

 

5. Initiate Payment

Customers can now easily pay and transfer money to people in their contacts. A Boubyan Bank Kuwait app provides multiple ways to initiate payments and transactions. So, this includes UPIs, Net Banking, RTGS, NEFT, and Credit Card payments.

 

6. Get Rewards

After completing the payment process, users can now avail of different vouchers and coupons. For businesses, it is necessary to know the cost to develop an app like Al Rajhi Bank which is an alternative to Boubyan app.

 

Market Stats of the Banking & Finance Industry

  • In the United Arab Emirates, the traditional commercial banking market is expected to witness a significant increase in Net Interest Income.
  • By 2024, it is projected to reach a value of $5.40 Billion.
  • Additionally, the Net Interest Income in this segment is anticipated to exhibit a consistent growth pattern.

 

Market Stats of the Banking & Finance Industry

  • With a compound annual growth rate of 63% CAGR between 2024-2029, the market volume is estimated to reach $7.10 Billion by 2029.
  • In 2024, the USA’s traditional commercial banking market is projected to reach a staggering $1,444 Billion.
  • The United Arab Emirates’ traditional commercial banking market is experiencing a surge in digital banking services to cater to the local population.

 

Amazing Features of a Banking and Finance Application

Knowing the features before investing money to make an app like Boubyan Bank is beneficial for businesses. So, that they can easily reduce the cost of the development process. Below, are the major features that you should look at:

 

Amazing Features of a Banking and Finance Application

 

1. Account Management

Different Islamic banking apps like Boubyan Bank allow users to view account balances, transaction history, and account details. Additionally, they can also transfer funds between their accounts.

 

2. Bill Payments

Customers can pay bills to various service providers directly from the Boubyan application alternatives. Businesses can build an app like Monzo to include utility bills, credit card bills, and other payments.

 

3. Mobile Deposits

There is a facility to deposit checks by taking a photo of the check using their smartphone camera. The app processes the deposit and credits the funds to the user’s account.

 

4. Card Management

A Boubyan Bank app for international banking allows users to manage their debit and credit cards. This includes viewing transaction history, setting spending limits, and blocking lost or stolen cards.

 

5. Personal Finance Management (PFM)

Apps similar to the Boubyan provide tools to help users track their spending and monitor their financial goals. You can build an app like SNB Mobile to include features like budgeting tools, and savings goals.

 

CTA develop an app like Boubyan

 

6. Security Features

A Boubyan bank app for Dubai citizens delivers robust security features, such as biometric and two-factor authentication. Boubyan app clones provide encryption, to ensure the safety of user data and transactions.

 

7. Customer Support

Boubyan alternatives allow users to access customer support directly from the app through chat, email, or phone. Several apps similar to Boubyan may also provide FAQs and troubleshooting tips.

 

8. Investment Services

Businesses can develop an app like Halan that may offer investment services like mutual funds, stocks, and bonds. Users can buy and sell investments, track their performance, and receive investment advice.

 

9. Loans and Credit

Users can apply for loans and credit cards directly through Boubyan app alternatives. These apps may also provide information about loan eligibility, interest rates, and repayment terms.

 

10. Personalized Offers and Recommendations

Boubyan Bank online banking app can use AI and machine learning to analyze user behavior and offer personalized recommendations. This can include investment advice and personalized loan offers.

 

Top 5 Alternatives of Boubyan Application

To build a banking app like Boubyan, businesses need to study different use cases to resolve multiple issues. Here, we will have a look at the top 5 trending Boubyan app alternatives:

Top 5 Alternatives of Boubyan Application

Supported Devices Downloads

Ratings

Remitly

Android|iOS 10M+ 4.7
alrajhi Bank Android|iOS 10M+

4.5

SNB Mobile

Android|iOS 5M+ 4.8
Monzo Android|iOS 5M+

4.6

Mashreq UAE

Android|iOS 1M+

4.6

 

What is the Process to Develop an App Like Boubyan?

This phase is of utter importance for businesses. It is quite mandatory to know the process to develop an app like Boubyan. In this section, we are discussing the generalized development stages in detail:

What is the Process to Develop an App Like Boubyan

 

1. Market Research

Before starting the development process, you need to gain some fundamental knowledge of the fintech app development process. Additionally, it is quite necessary to discuss the exact Boubyan Bank app development cost to manage your budget. So, you must study different business models and use cases to get sufficient information on banking applications.

 

2. Hire Development Company

You must find a suitable banking app development company to get assured on your mobile application. Additionally, following a precise hiring method is beneficial to choosing the right development partner. So, you can start by analyzing their previous performances. Then, it is good to conduct technical interviews to avail of scholastic Remitly app development services.

 

3. Start Application Designing

Investing money to develop an app like Boubyan Bank for android is quite easy and beneficial. Because it provides the quick infrastructure to implement attractive application interfaces. Designing mobile apps is the first stage of application development. So, you must go through different themes and designs to select the best interface for your mobile application.

 

4. Implement APIs and Databases

After implementing a responsive interface, you should now start building a supporting backend infrastructure for your fintech application. So, contact a banking website development company that can provide you with solutions for web apps as well. Additionally, integrating dynamic APIs and databases is important to automate your banking apps and websites.

 

5. Testing and Security

Business investors should know about application testing and security before starting the process to make an app like Boubyan Bank. So, it is favorable to consult an e-wallet app development company to detect errors in the application source code. Additionally, using proficient security tools could be beneficial to resolve these errors timely and safely.

 

6. Maintenance Support

To provide regular maintenance to mobile apps you need highly specific and efficient resources. So, approaching a banking app development company in the UAE may be suggested to businesses for application support. Additionally, updating banking apps is also mandatory to ensure functionality and productivity of the mobile platform.

 

3 Important Monetization Strategies to Earn From Banking Apps

Earning money is very crucial to balance the cost invested in the development of banking mobile applications. So, let us observe major monetization strategies:

 

Important Monetization Strategies to Earn From Banking Apps

 

1. Commission Payment Gateways

You must apply the commission and fee model on your online banking platform. Additionally, it is also good to hire dedicated developers and take their guidance. So, that you can easily understand the earning process through payments and transactions.

 

2. Use Referential Model

Businesses can also earn money through referrals and recommendations. A mobile banking application like Boubyan Bank for account opening allows users to refer this app to their family and friends. So, you can use this model for business earnings.

 

CTA for develop an app like Boubyan

 

3. Monetize Data Resources

Monetizing user data is highly profitable for business investors. Additionally, you can balance the cost of building a banking app in the UAE by using customers’ information. So, it is quite profitable to approach a digital wallet app development company to personalize customers’ experiences to generate revenue.

 

How Much Cost is Required to Develop an App Like Boubyan?

For finding the cost to develop an app like Boubyan Bank, you need to know different factors related to it. So, in this section, we will discuss them in detail. Additionally, we are also looking at an estimated cost structure:

 

How Much Cost is Required to Develop an App Like Boubyan

 

1. Application Design

Designing the interface of mobile applications is accountable for influencing the Boubyan Bank mobile app development cost. Additionally, the cost also varies because of automated and manual designs. So, it is your responsibility to check the fundamentals of mobile application design.

 

2. Backend Integration

Backend infrastructure includes different services like APIs and databases. Additionally, their cost varies on different platforms with various specialized tools. So, you must contact an affordable full stack development company to create an app like Boubyan bank with backend packages.

 

3. Development Location

The cost to build an app like Boubyan Bank is also dependent on the location of the development company. In the countries like the USA, the application making cost is higher than in the countries like the UAE and India. Additionally, the cost is also influenced by the company’s size.

 

4. Tools and Technologies

Using different tools for multiple development phases may also affect the pricing model. To know the right cost to build a banking app in the UAE, you can contact a Boubyan Bank app development company. So, it gets easy for you to identify the right tools for application development.

To create a less-featured application, you need to invest $8,000-$14,000. But, it may rise to more than $25,000 due to added functionalities. So, you can contact a custom application development company to determine the exact cost model. Below, is a table depicting the estimated price.

 

App Structure

Development Time Estimated Cost
Simple 5-8 months

$8000-$14000

Moderate

8-12 months $14000-$20000
Complex More than 12 months

$20000-$25000

 

Quoting The Blog!!

Now, it must be clear that the process to develop an app like Boubyan would be easy. Only, if you are motivated enough to grow your business and start earning revenue. Additionally, you need to finalize your resources before investing money in android app development services for application building.

Business investors can study different banking business models. So, they can easily build similar clones like the Boubyan banking app for Kuwait citizens. You can boost your business income by applying all the necessary things in a single architecture.

 

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FAQs

1. What Does Banking Applications Do?

  • It provides multiple ways to pay for different transactions.
  • Provide digital banking services to transfer money to anyone in the world.
  • Users can use an online ATM facility to withdraw cash.

 

2. What is the Cost to Develop an App Like Boubyan Bank?

  • The development cost is dependent on different factors that cause deviation.
  • It ranges between $8,000-$14,000 for building simple applications.
  • But, the price may rise to more than $25,000 to make complex apps.

 

3. How to Build an Application Like Boubyan Bank?

  • You should first study about the specific domain.
  • Additionally, making a blueprint is also beneficial.
  • Hire a development partner to start the process.
  • Design your application and integrate it with the backend.
  • Test and sure your banking application.
  • Finally, launch and maintain it regularly.

 

4. What are the Benefits of Banking App Development?

  • Businesses can target people in large numbers.
  • Take their brand global with easy marketing.
  • Generate high revenue income through multiple sources.

 

5. How to Earn Money From a Banking App Like Boubyan Bank?

  • Apply commissions on payment gateways.
  • Provide referral methods to users for better earning.
  • Utilize customers’ data to make good income through data distribution.

 

6. Why Dev Technosys is Suitable for Finance App Development?

  • We are a leading banking and finance application development company in the UAE.
  • Our company provides skilled and experienced mobile application developers.
  • They are readily available to offer customized technical support.